Gujarat: Textile industry seeks concession on loan interest

Minister of State for Finance Anurag Thakur spoke to the association to know about the problems industry is facing.

Former president of the association, Pramod Choudhary, said, “We have requested concession in the interest on loans during the lockdown period. (Representational)

Citing the crisis faced by the textile industry in Surat, the South Gujarat Textile Processing Association has urged the central government to give concession on interest of loans during the lockdown period.

Minister of State for Finance Anurag Thakur spoke to the association to know about the problems industry is facing. Former president of the association, Pramod Choudhary, said, “We have requested concession in the interest on loans during the lockdown period. The moratorium of loans and interest should be minimum 6 months to one year, according to the condition of the unit. There should be concession of 3 per cent in the rate of interest till the industry recovers. The refunds of GST and capital subsidy should be done at the earliest.”

Adding that import duty on textile goods should be increased to promote Make in India, Choudhary said, “Loans to new projects must be given priority. The labour force in the industry are mostly migrants… so industries should be started even in the municipal limits where there are no coronavirus hotspots. Retail market should also be opened.”